We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Fort Collins-based NewMark Merrill Mountain States – the project redeveloper – received the title to the department store building on Tuesday, Feb. 18. Dillard’s Inc. (NYSE:DDS) had held veto power over any redevelopment at the mall.
“We’re glad to have it done. The uncertainty that was clouding the project is gone. It’s a sunny day,” Ginsborg said.
The Longmont Urban Renewal Authority in January reached a $5.5 million agreement to settle its eminent-domain case against Dillard’s for the 94,000-square-foot store and the 7.1 acres around it. NewMark Merrill deposited $5 million into a Dillard’s account last week, and Longmont officials deposited $500,000.
Newmark Merrill representatives are finalizing “a number of leases” for the new $85 million Village at the Peaks shopping center to be built at the site, now that uncertainty about what’s going to happen to the Dillard’s store is over, Ginsborg said.
Ginsborg declined to name any new tenants or to give a date for when demolition is to start. The open-air Village at the Peaks shopping center will be anchored by a Whole Foods grocery store, a Sam’s Club grocery outlet and a Regal Cinema movie theater. It is expected to open in 2015.
Final planning document approvals must be given by city officials before a construction date can be announced, Ginsborg said.
At the same time, Ginsborg laid out plans to remodel the Dillard’s store building inside and outside. Unnamed new retail tenants will lease the space, he said. NewMark Merill expects to announce additional retailers for nearly 65 percent of the available Village at the Peaks square footage in the coming weeks, according to a company press statement.
Fort Collins-based NewMark Merill purchased the Twin Peaks Mall property in 2012 for $8.5 million. The company is a division of NewMark Merill Companies in Woodland Hills, California, which manages or owns a portfolio of more than 75 shopping centers in three states, representing more than $1 billion in assets.